IDFC FIRST Bank launches video KYC for online Savings Accounts
Customers can start earning 7% on savings
Digital journey gives customers a branch-like experience at home,
enabling KYC completion online
Chennai, May 27, 2020: Putting customers’ safety first, IDFC FIRST
Bank today announced the launch of video KYC for its online Savings
Accounts opening journey. The start-to-finish digital journey makes
Savings Account opening a delight, as it enables customers to complete
the paperless KYC process in approximately two minutes and avail the
industry’s best interest rates on savings balances.
The digital facility offers customers a branch-like experience at
home, making it possible to meet bankers virtually, at a time
convenient to the customer. The zero contact method completely does
away with paper work or biometric verification, thereby removing
physical interaction between the bank and customer from the KYC
process.
The pandemic has altered the way customers want to interact with their
banks as they increasingly rely on digital and mobile channels to
transact. As a Bank that is on the forefront of creating new digital
experiences, IDFC FIRST has responded quickly to this evolving need,
making it possible to maintain social distancing, while giving
customers access to personalised human support.
Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said, “As a
customer-focused bank, we are building digital experiences that make
customers feel secure and engaged, while keeping the in-branch
experience alive. Video KYC makes the online journey for opening
Savings Accounts simple and fast as customers do not have to venture
outside their homes or meet anyone from the Bank to complete the
process. Customers can start earning 7% interest and maximise their
returns on funds held or invested anywhere else. This is especially
relevant in the current times given loss of incomes and low returns
offered by most other options.”
The RBI-sanctioned video based KYC process for opening of online
savings account allows customers to open a full-fledged savings
account with no limit on maximum account balance.
When a savings account is opened online, customers are sent a
user-specific video KYC link and the Bank’s representative completes
the KYC on the video call. The Bank has strict controls in place to
ensure security of customer data, in line with regulations.
The IDFC FIRST Bank Savings Account comes with a host of benefits such
as a debit card loaded with offers, user-friendly mobile app and
netbanking, WhatsApp banking, and an industry best rate of 7% on
Savings Account balances above Rs. 1 lakh.
The Bank stays committed to assisting customers through their digital
banking journeys and helping them transact remotely.
About IDFC FIRST Bank
IDFC FIRST Bank was created by the merger of IDFC Bank and Capital
First in December 2018. The Bank provides a range of financial
solutions to individuals, small businesses and corporates. The Bank
offers high attractive solutions for savings and current accounts, NRI
accounts, salary accounts, demat accounts, fixed and recurring
deposits, home and personal loans, two-wheeler loans, consumer durable
loans, small business loans, forex products, payment solutions and
wealth management services. Customers can choose where and how they
want to bank: 464 bank liability branches, 128 asset branches, 356
ATMs and 652 rural business correspondent centres across the country,
net banking, mobile banking and 24/7 toll free Banker-on-Call service.
